(22.91% stake 34.54% of voting rights on issued capital)


Key consolidated data of Ferrari reported in the first half of 2020 are as follows:

  I Half  
€ million 2020 2019 Change
Shipments (in units) 4,127 5,281 (1,154)
Net revenues 1,503 1,924 (421)
EBIT 243 471 (228)
Net profit 175 364 (189)
Net Industrial debt(1) (776) (337) (439)
(1) Defined as net debt less net debt of financial services activities. The comparative figure refers at 31 December 2019.


The global spread of Covid-19, a virus causing potentially deadly respiratory tract infections, which was declared a global pandemic by the World Health Organization in March 2020, has led governments around the world to mandate certain restrictive measures to contain the pandemic, including social distancing, quarantine, “shelter in place” or similar orders, travel restrictions and suspension of non-essential business activities. The main impacts on Ferrari during the first half of 2020 include the following:

  • Deliveries to the distribution network were temporarily suspended near the end of March 2020 due to restrictions on dealer activities or the inability of customers to collect their cars, and deliveries gradually recommenced during the month of May 2020.
  • With the safety and well-being of Ferrari employees in mind, production was suspended from 14 March 2020 and gradually restarted from 4 May 2020, with full production resuming on 8 May 2020. Ferrari continued to pay all employees throughout the suspension period and did not accede to any of the government’s aid programs. Ferrari experienced limited supply chain constraints, in the first six months of 2020, which were actively managed to mitigate any impacts on our production.
  • The start of the 2020 Formula 1 World Championship was postponed to 5 July 2020, when the Austrian Grand Prix, was held without spectators present. The number and format of further Grand Prix races that will take place in 2020 remains uncertain, as this is dependent on the global evolution of the Covid-19 pandemic. It is possible that several of the 2020 races currently scheduled will be held without spectators present, depending on local regulations and decisions made by FIA (the governing body of the Formula 1 World Championship). This has impacted the results in the first half of 2020 as Ferrari has accrued sponsorship and commercial revenues based on the initial estimate of the number of races that will take place for the 2020 season, which is expected to be significantly less than the 2019 season.
  • Brand activities were also adversely impacted as a result f the closure of Ferrari stores and museums, gradually reopened in May, with appropriate safety measures in place to protect staff and customers. The significant decrease in-store traffic and museum visitors compared to the pre-pandemic levels has been only partially offset by an increase in online sales of merchandise.
  • Although production and certain other activities (i.e. Formula 1, stores, museums) were temporarily suspended, Ferrari has been able to continue many other key business activities and functions through remote working arrangements.
  • There were no significant effects on the valuation of assets or liabilities and no increases in allowances for credit losses as of 30 June 2020. Moreover, no material impairment indicators were identified and there were no changes in accounting judgments or other significant accounting impacts relating to Covid-19.


Shipments totaled 4,127 units in the first half of 2020 with a decrease of 1,154 units (or 15%) compared to the prior period of 2019, impacted by the disruptions of the Covid-19 pandemic, including temporary suspension of production and shipments, near the end of March 2020 due to restrictions on dealer activities or the inability of customers to collect their cars; deliveries gradually recommenced during the month of May 2020.

  I Half Change
Units(1) 2020 2019 amount %
EMEA 2,222 2,404 (182) (8)
Americas 1,131 1,523 (392) (26)
Mainland China, Hong Kong and Taiwan 62 617 (555) (90)
Rest of APAC 712 737 (25) (3)
Shipments 4,127 5,281 (1,154) (22)
(1) Excluding the XX Programme, racing cars, Fuori Serie, one-off and pre-owned cars.

Net revenues

Net revenues in the first half of 2020 were €1,503 million, a decrease of €421 million, or 21.9% (a decrease of 23.1% on a constant currency basis) from €1,924 million for the first half of 2019. The change in net revenues was attributable to the combination of a €263 million decrease in cars and spare parts, €87 million decrease in sponsorship, commercial and brand, €58 million decrease in engines and a €13 million decrease in other.

Net revenues generated from cars and spare parts were €1,238 million in the first half of 2020, a decrease of €263 million, or 17.5%, from €1,501 million for the first half of 2019. The decrease was primarily attributable to lower volumes and reduced contribution from the personalization programs, driven by the temporary suspension of shipments as a result of the Covid-19 pandemic, with shipments partially recovering during the quarter in conjunction with the gradual reopening of the dealer network.

Net revenues generated from engines were €53 million in the first half of 2020, a decrease of €58 million, or 51.9%, from €111 million for the first half of 2019, mainly attributable to lower shipments of engines to Maserati.

Net revenues generated from sponsorship, commercial agreements and brand management activities were €172 million in the first half of 2020, a decrease of €87 million, or 33.5%, from €259 million in the first half of 2019. The decrease was primarily attributable to the impacts of Covid-19, which resulted in the temporary suspension of the Formula 1 season leading to a reduced number of Formula 1 races and corresponding lower revenue accrual in the first half of 2020, as well as reduced in-store traffic and museum visitors.

  I Half Change
€ million 2020 2019  
Car and spare parts 1,238 1,501 (263)
Engines 53 111 (58)
Sponsorship, commercial and brand 172 259 (87)
Other 40 53 (13)
Net revenues 1,503 1,924 (421)


EBIT for the first half of 2020 was €243 million, a decrease of €228 million, or 48.3%, from €471 million for the first half of 2019.

The decrease in EBIT was attributable to the combined effects of negative volume impact of €140 million, positive product mix and price impact of €30 million, an increase in industrial costs of €38 million including higher depreciation, a decrease in research and development costs of €8 million, a decrease in selling, general and administrative costs of €2 million, a negative contribution of €114 million due to the impacts of Covid-19 on the Formula 1 racing calendar, lower traffic for brand related activities and lower engine sales to Maserati, and a positive foreign currency exchange impact of €24 million (including foreign currency hedging instruments) primarily driven by the strengthening of the U.S. Dollar compared to the Euro. Industrial costs include the full cost of employees’ paid days of absence during the Covid-19 production suspension.

The negative volume impact was primarily attributable to the temporary suspension of shipments as a result of the Covid-19 pandemic. The positive product mix and price impact was primarily attributable to the Ferrari Monza SP1 and SP2, partially offset by lower contributions from the personalization programs, which are correlated to volumes, and lower shipments of the FXX K EVO.

Net industrial debt

Net industrial debt at 30 June 2020 was €776 million, with an increase of €439 million from €337 million at 31 December 2019. The increase reflects the distribution of the annual dividend for €209 million, the repurchase of Ferrari’s shares under the buy-back program (€130 million) and the negative impact of free cash flow.

€ million 06/30/2020 12/31/2019 Change
Debt (2,757) (2,090) (667)
Cash and cash equivalents 1,112 898 214
Net debt (1,645) (1,192) (453)
Net debt of Financial Services Activities (869) (855) (14)
Net Industrial Debt(1) (776) (337) (439)
(1) Net industrial debt is defined as net debt excluding the funded portion of the self-liquidating financial receivables portfolio.

2020 Outlook

The narrowed 2020 guidance presented below reflects better visibility and some refinements of the assumptions previously outlined in the May 2020 guidance reported on 4 May 2020:

  • continuing strong order book;
  • refinement of production schedule resulting in a recovery of around 500 cars partially offsetting the loss of approximately 2,000 units incurred during the plant shutdown;
  • delays in the full production ramp up of the SF90 Stradale, implying a softer mix;
  • delivery of engines to Maserati reflecting their current annual targets.

The following assumptions are unchanged compared to the revised guidance:

  • Formula 1 revenues continue to reflect the uncertainties regarding the remaining part of the 2020 calendar; so far 13 races have been confirmed, with most races expected to be held without the presence of fans;
  • substantial reduction in Brand activities turnover reflecting a slow recovery;
  • SG&A and R&D spending reflects cost containment initiatives taken and prioritization based on medium term impact analysis;
  • capital expenditures for 2020 confirmed at approximately €750 million;
  • no further disruption from current pandemic has been considered.

Considering the aforementioned assumptions, the Ferrari’s guidance for the year is narrowed as follows:

  • Net revenues: over €3.4 billion;
  • Adjusted EBITDA: €1.075-1.125 billion;
  • Adjusted EBIT: €0.65 billion - €0.7 billion;
  • Adjusted diluted EPS: €2.6 - €2.8 per share;
  • Industrial free cash flow: €0.10-0.15 billion.
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